OIL RUSH IN PERU
- Received Mofiday, 10.30 p.m. NEW YORK, June 10. ' An international oil rush is going on in Peru as the.result of geologists' ! reports that. 75,000:000 acres of the Andes eastern foothills may hold one of the world 's richest oil d-eposits, . says the New York Herald-Tribune's correspondent in a dispatch from Lima, An oil fever is mounting rapidly as foreign Governments rush' for concessions. British and American companies ate 1-eading the race. British Shell Oil has seeured a concession.to explore one of the best jections and is already working it. Standard Oil iias hegun a geological work and is preparing to send survey crews. . - The companies are already planning to hitild a 200-mile pipeline across the Andes at a cost of from 20,000,000 to 30,000,000 doll'ars. Peru is planning legislation allowing foreign companies to work the oil resourees for a royalty of 16|- per cent. of saies. One million acres of Peruvian oil lands are already producing 800,000 harrels monthly. .
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Chronicle (Levin), 11 June 1946, Page 5
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163OIL RUSH IN PERU Chronicle (Levin), 11 June 1946, Page 5
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